Help, broker won’t forward commission!! - Posted by Margarita (wa)
Posted by Margarita (wa) on October 08, 2008 at 23:07:00:
All,
A riveting story, I tried to make it sussinct.
I am an agent and closed on selling a house 1.5 months ago. I was serving as a dual agent (representing both buyer and seller).
My real estate broker told me a week after close, when I called him to ask where my commission check was, that I needed to get an additional form (dual agency disclosure) signed around as an addendum to the P&S before he gives me my commission check he processed from escrow. I was not aware until he mentioned it that this addendum was required.
He told me the dual agency disclosure was required for his file in case he gets audited.
I remember speaking with him a week before the P&S was signed to ask him, “is there any additional things or forms I should be aware of for a dual agency transaction?,” since I had never done one before, and I was new to real estate anyway. He did not tell me there was any additional disclosure form.
The buyers, who now live in the house that was closed on, are not happy with the way I communicated through the purchase process (for reasons unrelated to this dialogue) and are unwilling to sign the form. I have trieed many different tactics to get them to sign, including having escrow attempt to get the form signed on my behalf, personally visiting the people, begging, apologizing and offering money if they will sign the forms (which doing so would have no negative consequences to them that I can see). They will not sign.
My broker is dodging me and unwilling to return phone calls.
To make matters worse, my broker is going through a financial crisis of his own. His personnal residence is in foreclosure and he is mostly broke. He has been through a bankruptsy in the recent past. So, I am concerned he will not ever pay me, may have spent the money on himself or could be a flight risk.
I am try to determine what my option are for retreiving my commission money.
I would tremendously appreciate any advice anyone can offer.
I have had many sleepless nights.
Thank you,
Margarita